Crypto Guides, Knowledge & Insights

Memecoin PEPE Dropped 16.5% After 160 Trillion PEPE Moved To CEX

Key Points:　　The 160 trillion PEPE hit memecoin tokens pushed onto the exchange spooked investors.　　Pepes multisig wallet also adjusted the number of signatures required to execute a transaction from 5/8 to 2/8.　　The token price has dropped 16.5% in the past 24 hours.　　According to on-chain data, the hot memecoin PEPE dropped 16.5% in 24 hours after detecting a series of transfers from the projects wallet to many major exchanges.　　On-chain investigators note disturbing changes in key wallet monitoring. Over 16 trillion tokens flowed out of PEPE multi-sig wallet yesterday, and the destination is addresses associated with Binance, OXK, and Bybit. Currently, this memecoin project wallet only holds 10.67 trillion tokens.　　That action comes shortly after on-chain investigators noted disturbing changes to the oversight of how that vault-like wallet handles transaction approval. Because instead of asking 5 out of 8 wallets to confirm the transaction, it changed to just 2 out of 8 wallets.　　These unusual transactions have confused the crypto community, leading to a 16.5% decrease in PEPE price in the past 24 hours.　　According to data from Coinmarketcap, memecoin PEPE launched on April 14 and peaked on May 5 when it reached $0.000004, a market capitalization of $ 1.63 billion. In less than a month,

2023-08-25Deep Dive

An early Buyer Of PEPE Sold 932 Billion PEPE And Obtained 524 ETH

Key Points:　　Another early PEPE investor sold 932 billion PEPE for 524 $ETH or $870,000.　　The sale action was taken after the project moved 16 billion tokens to the exchanges.　　The community is suspicious of the project teams rugpull actions.　　According to on-chain data analytics firm Lookonchain, an early PEPE investor has collected 524 ETH, or $870,000, after selling his 932 billion tokens.　　This action comes after the multisig wallet of this memecoin project and Wintermute Trading sent 17.3 trillion dollars in PEPE ($18 million) to exchanges about 4 hours ago.　　The discovery also revealed that 3 hours ago, an early buyer of $PEPE sold $1.88 billion of this token for $1,010 of ETH ($1.68 million) on the DEX.　　Or another investor who spent $5k to buy $1.6 trillion in PEPE from April 15th to April 17th and sold for $260k on April 21st, earning 255 thousand dollars (49 times). He then spent $265k to buy $965B in PEPE from April 22nd to April 25th and sold for $900k in August, earning $636k (double).　　A series of massive transactions by investors and project teams has caused this token to fall into the abyss with a drop of more than 16% in the last 24h.　　These unusual transactions have puzzled

2023-08-25Deep Dive

FTX Bankruptcy Costs $1.5 Million In Legal Fees For One Day

Key Points:　　$1.5 million in legal costs every day, the FTX bankruptcy is draining.　　Creditors are constantly criticizing the current level of spending because it will become a deficit they do not receive in compensation.　　Hundreds of lawyers, financial advisors, and bankers worked nearly full-time as the bankruptcy was surprisingly complex, with connections to other massive crypto companies.　　According to Coindesk, the legal costs used for the FTX bankruptcy of up to $1.5 million per day are becoming a concern for creditors.　　Rising costs were a point of contention at Wednesday‘s bankruptcy hearing when a creditor’s committee criticized current spending levels. According to attorney Kris Hansen, representing FTX‘s creditor committee, FTX’s monthly legal costs have reached nearly $50 million, with an average daily fee of $1.5 million.　　“They‘ve now moved to a pace of almost $50 million a month in fees, with literally hundreds of lawyers, financial advisors and bankers working on them practically full time(…). Every dollar spent in the case is essentially a dollar that don’t receive.”　　Kris Hansen, a lawyer from Paul Hastings representing the debt committee, said.　　The complex bankruptcy included negotiations with other collapsed crypto giants and resolved the troubles of FTX‘s former management. Take, for example, the recent agreement with Genesis that

2023-08-24Deep Dive

BLACKPINK Debuts Virtual World “Blackpink The Palace” On Roblox, Offering Fans Interactive Experienc

Key Points:　　BLACKPINK launches “Blackpink the Palace” on Roblox, a virtual space immersing fans in interactive scenes from their music videos and allowing in-game currency mining and selfies with avatars.　　Fans exploring within the first 24 hours will earn a special badge, as the group becomes the third K-pop group on Roblox, collaborating with Metaverse Studio Karta and YG PLUS for this engaging venture.　　This groundbreaking initiative extends an exciting invitation to fans and players alike, allowing them to step into the captivating universe of BLACKPINKs iconic music videos.　　Prepare for an immersive journey into the world of BLACKPINK as the renowned Korean girl group introduces their virtual haven “Blackpink the Palace” on Roblox, set to launch on August 25.　　“Blackpink the Palace” beckons fans to explore intricately crafted interactive scenes straight from the group‘s beloved music videos. Envision venturing into Jennie’s colossal chessboard from “DDU-DU DDU-DU” or stepping into Lisas bank vault, capturing the essence of their music in a captivating visual experience.　　Beyond mere exploration, the virtual realm promises more thrills. Players can mine in-game currency and engage in a novel concept: taking selfies with none other than the in-game avatars of Jisoo, Jennie, Rosé, and Lisa. The virtual realm amplifies the connection between

2023-08-24Deep Dive

Israeli Businessman Hogeg Faces Charges After Extensive Probe About $290M Crypto Scam

Key Points:　　Israeli businessman Moshe Hogeg faces $290 million in crypto scam charges after a 2-year inquiry.　　Alleged fraudulent crypto projects and fund misappropriation were probed across borders.　　Hogeg denies charges; the case is handed over to prosecutors for review.　　According to Bloomberg, Israeli police have concluded a two-year investigation into businessman Moshe Hogeg and his partners, alleging their involvement in defrauding investors of $290 million through a cryptocurrency scam.　　Moshe Hogeg　　The authorities are recommending charges of fraud, theft, money laundering, forgery, and tax offenses against Hogeg. This development comes after a probe into Hogegs activities, including his ownership of an Israeli Premier League soccer team.　　Hogegs prominence in the cryptocurrency market surged during the ICO boom of 2017–2018. Under his leadership, the accused orchestrated four fraudulent crypto projects, raising $290 million from thousands of investors.　　Despite promises, these projects failed to materialize, and instead, funds were allegedly misappropriated for personal use, even leading to Hogegs acquisition of Beitar Jerusalem FC.　　The investigation, initiated in 2021, spanned multiple countries, involved over 180 witnesses, and amassed 900 pieces of evidence. Authorities secured assets and cash related to the case. While Hogeg and his co-defendants were initially arrested, they were subsequently released under house arrest.　　Hogeg, who denies all charges, has

2023-08-24Deep Dive

Over 113 Bots Have Generated Profits Exceeding $2 Million on friend.tech

On August 24th, according to analysis by 21.co analyst Tom Wan, more than 113 bot contracts have garnered over 20,000 keys and generated profits exceeding $2 million on friend.tech. The method of identifying these bots is whether traders can purchase them in blocks with the same theme as the key.　　The highest-earning bot among them is 0xcc218bbd21e14944fcc121d161c9b9ae71b9cc85, with earnings reaching $569,000.　　On August 22nd, the official account of friend.tech posted on social media, stating that “Shares” have been renamed as “Keys.” Originally, “Shares” was merely a placeholder during the development process. friend.tech believes that the term “Keys” better describes its purpose in unlocking in-app features like friend chats.　　

2023-08-24Deep Dive

Tornado Cash Co-Founder Roman Semenov Added to OFAC Sanctions List

Tornado Cash Co-Founder Roman Semenov Added to US Treasury Departments Office of Foreign Assets Control (OFAC) Sanctions List on Wednesday.　　OFAC has included Roman Semenovs email address and eight Ethereum wallet addresses in the list of Specially Designated Nationals and Blocked Persons (SDN).　　In a prior development, the US Department of Justice charged Tornado Cash co-founders Roman Storm and Roman Semenov with violations of money laundering and sanctions regulations, as well as conspiring to operate an unlicensed money transmitting business. The indictment stated that the Tornado Cash operation facilitated over $1 billion in money laundering transactions and laundered hundreds of millions of dollars for the sanctioned North Korean cybercrime group, Lazarus Group.　　Roman Storm has been arrested in the state of Washington and is scheduled to appear for trial in the US District Court for the Western District of Washington on August 23rd. Roman Semenov remains at large.　　

2023-08-24Deep Dive

USDC to Launch on Six Chains Including Polygon PoS, Base, and Optimism

Insiders have revealed that USDC is set to launch on six new blockchains through the Noble network, including Polygon PoS, Base, Polkadot, NEAR, Optimism, and Cosmos. Currently, USDC has been introduced on Ethereum, Avalanche, Arbitrum, Stellar, Algorand, Tron, Flow, Solana, and Hedera chains.　　In a preceding development, Coinbase secured a minority stake in Circle, which also entitles it to a share of USDCs interest income in the future. However, the exact proportion of shares Coinbase acquired from Circle remains undisclosed in the blog post issued jointly by Coinbase and Circle. According to a source familiar with the matter, Coinbase did not provide cash to Circle in exchange for these shares.　　Both companies are in the process of dissolving their collaborative ties with Center Consortium, the entity responsible for USDC issuance. As part of this transition, Circle will assume complete control over the issuance and governance of USDC.　　Furthermore, Circle will deploy native USDC across these six blockchains, expanding the supported total to 15 blockchains. While Coinbase and Circle havent disclosed the specific names of these six blockchains, Circle had previously indicated plans to expand to Polkadot, NEAR, Optimism, and Cosmos by 2023 as early as September.　　

2023-08-24Deep Dive

Curve Founder: CRV Buyers Violating Cooperation Agreement Won't Face Negative Consequences, but Trus

According to a report by Blockworks, Michael Egorov, the founder of Curve Finance, engaged in a series of over-the-counter (OTC) transactions with more than a dozen counterparties to salvage his loans and potentially prevent a cascade of liquidations in the entire DeFi sector. In these transactions, he sold a significant amount of CRV tokens in exchange for stablecoins to repay his debts. While the exact terms of the transactions were not formally disclosed, several individuals who claim to have interacted with Egorov publicly stated that the tokens were sold at a price of $0.40 per CRV (far below the prevailing market price) with a lockup period of 6 months. However, the lockup appears to not be enforced through legal or smart contract mechanisms. Egorov confirmed in a statement that buyers violating the cooperation agreement would not face negative consequences, but he “believes they will” honor the commitment regarding the 6-month lockup.　　Observers noted that some participants have moved their tokens to centralized exchanges, often signaling an intention to sell. Additionally, some project communities have indirectly committed to the 6-month lockup through voting. Earlier news revealed that DWF Lab purchased 12.5 million CRV from Egorov for 5 million USDT on August 1st,

2023-08-23Deep Dive

BlockFi Seeks Court to Prevent FTX and Three Arrows Capital from Recovering Billions of Dollars in L

According to Bloombergs report, bankrupt cryptocurrency lending firm BlockFi Inc. is seeking to prevent FTX and Three Arrows Capital from attempting to reclaim billions of dollars in transactions between the companies before their respective collapses last year. In court filings on Monday, BlockFi stated that it is a victim of the FTX platform and thus FTX has no right to claim over $5 billion in recovery. Similarly, BlockFi alleges that the defunct Three Arrows Capital borrowed money from the lender through fraudulent means and is not entitled to repayment.　　The filed documents on Monday further fuel an ongoing legal battle that could impact how much creditors of BlockFi, FTX, and Three Arrows Capital receive in their respective bankruptcy proceedings. BlockFi asserts that litigation with FTX, Three Arrows Capital, and several other cryptocurrency companies could affect the $1 billion amount its customers are owed. Previously, BlockFis creditors had accused management of disregarding warning signs before extending loans to FTX, but a settlement was reached with the company last month, advancing a debt repayment plan.　　

2023-08-23Deep Dive

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